Maroš Šefčovič warns of the end of open trade market era
- Despite significant trade integration, European Commissioner Maroš Šefčovič revealed that various barriers continue to exist within the EU's internal market.
- He emphasized the urgent need for these barriers to be addressed to enhance economic prosperity and adapt to recent global trade shifts.
- The ongoing evolution in trade dynamics highlights the importance of forming a comprehensive doctrine for economic security within the EU.
In Slovakia, European Commissioner for Trade and Economic Security Maroš Šefčovič discussed urgent concerns regarding trade barriers within the EU during the Visegrad 4 Business conference held in Bratislava. He highlighted that despite being part of the largest single market, many internal barriers persist, particularly in service provision and the trade of goods. Ongoing conditions, including the COVID-19 pandemic and the war in Ukraine, hinder progress in removing these barriers, making it essential for the EU to address these issues strategically for improved economic prosperity. Šefčovič also noted the shift in global trade dynamics, characterized by the hard enforcement of national interests, indicating that the earlier open market conditions are unlikely to return. This new reality necessitates the formation of a robust economic security doctrine within the EU to respond effectively to evolving market conditions, particularly regarding energy prices and dependency on critical raw materials. In addressing these threats, Šefčovič has embarked on identifying strategic projects across the EU to ensure the community's economic stability and growth amidst increasing input costs and geopolitical tensions.